Velix.ID

How it works:

Velix.ID protects users’ personal data by keeping it in a decentralized storage, which decreases the possibility of a security breach significantly. Users get unique 8-digit ID numbers that are used in authorisation process. The system decreases cost of KYC for business and time needed to sign up to something or check out on a site for users.

Velix.ID users get to control their data. Each transaction of data is authorised by the user. All transactions are verifiable as they are processed through blockchain. However, transactions are anonymous, as the platform uses zero-knowledge-proofs.

The platform can be used for checking out on an e-commerce website, hotel or airport check-in, entering a restricted area or proving user’s CV while applying for a job.

Even though VXD tokens cannot be mined, hosts of Velix.ID blockchain nodes can be rewarded on the basis of proof of elapsed time (PoET) consensus protocol. Basically, the more uptime a host has, the more VXD they receive.

The company plans to issue hardware as well. Velix.ID cards and reader terminals will be available for purchase. Readers are handy to install in restricted areas like schools or business centers, and ID cards can be used to authorise access to these places.

Innovation:

Velix.ID introduces an idea that would greatly benefit its users, and is one of the first companies to work in this niche. The only controversial thing is cards and reader terminals. They are much less fast to adopt than a digital solution, available to be implemented on software a user company already owns.

Innovation score: High

Token value:

VXD is a utility token, used to make payments for verification transactions. Each time a verification is made, the receiving party makes a small payment in fractions of VXD to blockchain host and the verification provider. Provided enough people join the platform, these small payments may amount to a hefty sum, increasing token’s value.

Token value score: Medium

White paper:

The white paper Velix.ID presents describes the platform, its main components and how it is effectively different from other solutions on the market. It explains technology behind the platform and offers comparison with the competition. Velix.ID also presents a token paper, that outlines the main features of the ICO and explains VXD token.

White paper score: High

Roadmap:

In 2016 and 2017 the team had been working on concept and development of the platform. They have launched the project in December 2017 and presented MVP in January 2018. Developers will be beta testing the MVP till October 2018, the product can be publicly launched in November.

In 2019 the company plans to cover 10 Asia-Pacific Countries and identify 200 mio users. By 2021 Velix.ID will be expanding in Western Europe, adding 100 mio users to its customer base.

Roadmap score: High

Business model:

Even though the company does not explicitly talk about its business model, the information that is presented allows us to qualify it as a rather successful one. The main advantage Velix.ID has in this respect is that it targets India and Australia as its starting countries. They don’t have much competition, but do have big populations.

Business model score: High

Team:

The company’s CEO has over 13 years of experience in entrepreneurship. CTO has been in tech for over 10 years and is a creative technologist at National Australia Bank, working on implementing Ripple and Blockchain. Head of investment and finance worked for American Express, Audi, BMW, and Harley-Davidson.

The team’s marketing advisor has been in digital marketing for 14 years. Technical advisor has been working in his field for 18 years. Legal advisor has 20 years of experience and is qualified to practice law in UK and Hong Kong. The advisory board also has advisors on investment and business strategy.

Team score: High

Competitors:

Velix.ID competes with verification giants like Google and Facebook, but only in one of its possible implementations. There are some fresh ICOs like KYC.legal and CVproof that compete with the company, but since Velix.ID targets Indian and Asia-Pacific markets, they are not competing directly, at least in the early stages.

Competitors score: High

Overall thoughts:

Velix.ID is a project with lots of potential. It enters a profitable market that few other startups enter, avoiding possible competition. With opportunities that Asia-Pacific market offers, VXD token can rise in price significantly, provided the project is marketed well.